| | |
|
USAGOLD/Peter A. Grant/02-23-17
Gold has surged to new highs for the year and the dollar came under pressure as Treasury Secretary Steven Mnuchin spoke on CNBC this morning. Mnuchin tempered growth expectations by saying that it may take until the end of next year to see “sustainable growth of 3 percent or more.”
Mnuchin believes that the proposed tax overhaul is the best path toward that 3%+ growth, and he expects “very significant” tax reform to be passed before Congress’s August recess. Stocks like the notion of tax reform, but the dimmed growth prospects for the next 18-months or so might make the Fed even more cautious than they already are about tightening monetary policy.
Yields and the dollar came under pressure, pushing gold through resistance at 1244.71. That puts the yellow metal at new highs for the year and the highest level since mid-November. The technical picture remains very constructive.
| |
Read the rest of the article at
USA Gold
